Homeowner's insurance

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Homeowner's Insurance

Insurance that the buyer of a private residence purchases providing coverage for most damage to the residence. Typically, homeowner's insurance covers damage from fire, deliberate or accidental destruction of the home by a person, and other, similar matters. Nearly all homeowner's insurance policies exclude acts of God like earthquakes and floods from coverage, though one may buy supplementary policies to cover these eventualities.

Homeowner's insurance.

Homeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft of personal possessions, and liability in case of lawsuits based on incidents or events that occur on the property.

To obtain the insurance, which is based on the value of the home and what is covered in the policy, you pay a premium set by the insurance company.

For each claim there's generally a deductible -- a dollar amount -- that you must pay before the insurer is responsible for its share. If you have a mortgage loan, your lender will require you to have enough homeowners insurance to cover the amount you owe on the loan.

Homeowners insurance policies vary substantially from contract to contract and from insurer to insurer as well as from region to region. Almost all policies have exclusions, which are causes of loss that are not covered. All the coverage and exclusions of a particular policy are spelled out in the terms and conditions.

References in periodicals archive ?
The FAIR Plan, like most homeowners insurance policies, won't cover damage resulting from an earthquake.
Wind-related damage to a house, its roof, its contents and other insured structures on the property is covered under standard homeowners insurance policies.
Donelon disagree that Hurricane Isaac will have influence on future rise in homeowners insurance policies with respect to the state s experience after Hurricane Gustav in 2008.
Two of the insurance companies profiled in the July 2009 feature "Standing the Test of Time" have a similar business model in that they write perpetual homeowners insurance policies.
While homeowners insurance policies cover appliances damaged or lost via emergencies or theft, they do not cover appliances that stop working as a result of normal wear and tear.
Many consumers may already have coverage under their life, health or homeowners insurance policies or credit card benefits.
Generally, homeowners insurance policies under $1 million in value went up by 3%, while policies over $1 million went up by 2%.
The homeowners insurance premium report represents more than 60,000 homeowners insurance policies across the U.
How Americans in Coastal Areas Prepare for a Hurricane Have a personal disaster evacuation plan or kit 44% Reviewed homeowners insurance policies within the past 12 months 69% Updated homeowners insurance policy in the past five years 69% Made an inventory of their personal possessions 37% Made improvements to their home to prepare for a hurricane 27% Homeowners with insurance who have a separate flood policy 23% Feel they have the "right amount" of insurance coverage 48% Stored important documents in safe place 38%
His agency offers only homeowners insurance policies through the program.
Most homeowners insurance policies have deductibles of $250 or $500," says Tillman, "but I suggest a $1,000 deductible.
Just a couple inches of water can lead to thousands of dollars in damage and most homeowners insurance policies do not cover damage caused by flood," said Chantal Cyr, vice president of Travelers' Flood Division.

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